FI opens sanction case in Swedbank investigation

2019-10-29 | News Money laundering Bank

FI is opening a sanction case in the investigation into Swedbank AB’s governance and control of measures to combat money laundering in the bank’s subsidiaries in the Baltic countries.

The decision on whether to open a sanction case is part of FI's investigation process. Inherent in this decision is that FI considers there to be sufficient grounds for assessing whether the deficiencies and weaknesses observed during the investigation should lead to a sanction or if the investigation should be closed in another manner. FI will continue to analyse the circumstances in the matter as well as legal issues until the next step in the sanction process. FI will then send a letter to the bank that describes FI's observations and accounts for the legal basis on which FI considers there to be grounds for considering an intervention. The letter will also request the bank's opinion on the matter.

FI's investigation into Swedbank's governance and control of measures to combat money laundering in the Baltic region is being conducted in cooperation with the supervisory authorities in Estonia, Latvia and Lithuania. This means that the supervisory authorities are coordinating their activities and sharing information and assessments. The Estonian supervisory authority is also conducting an investigation into the compliance of Swedbank's Estonian subsidiary with local regulations parallel to and in coordination with FI's investigation into the Swedish parent company. The Estonian supervisory authority has decided to open a sanction case with regard to Swedbank's subsidiary in Estonia.

FI plans to communicate the result of the investigation into Swedbank at the beginning of next year. The investigation into the same matter at SEB is still ongoing.

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